This last month has not been an easy one for crypto derivatives traders. This is due to the fact that Binance, among the largest crypto exchanges, revealed that it would no longer use derivative trading to its users in Hong Kong. This came after similar services were suspended in European countries like Germany, Italy, and the Netherlands.
According to Changpeng Zhao, the CEO of Binance, the factor for this choice is due to the fact that the exchange is “pivoting from reactive compliance to proactive compliance. ” Regulators worldwide have come down hard on crypto trading platforms, which has left crypto derivative traders to worry about where they can trade crypto derivatives.
The New Home of Crypto Derivatives
While members of the crypto community may feel some apprehension about the existing regulative landscape, some cryptocurrency brokers are broadening their offering to fulfill the requirements of retail customers. Eightcap, an award-winning CFD broker, announced on August 6, 2021, that it would be launching over 250 crypto derivatives.
With this statement, Eightcap now ends up being the largest crypto derivatives supplier in the market. Its many features make this offering the first choice for both existing crypto derivative traders who are looking to switch from Binance and similar places, and crypto fanatics who are looking to start making their move on crypto derivatives. Funding the trading account can be done through different payment approaches consisting of PayPal, Skrill and credit/debit cards.
Binance users are highly concerned about whether they will be able to withdraw their funds. This is not the case with Eightcap, which has actually stepped in as the crypto derivative supplier where no wallet is required, making withdrawals basic, effective and quick for the user. Trust in a derivative broker is necessary for the current crypto market, and Eightcap prides itself on this. This is what makes Eightcap the brand-new house of crypto derivatives trading, even amidst the regulative stress and anxiety that numerous users are experiencing.
Speaking on the situation, Joel Murphy, CEO, Eightcap, said, “The regulatory issues crypto exchanges such as Binance are facing means traders are left with unnecessary worries about their funds and if they can withdraw them. With us, Crypto derivative traders can have a seamless experience from the moment they open an account to when they want to withdraw their funds.”
The CFD broker has been proactive in maintaining a good relationship with regulators, and Eightcap is currently regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CYSEC) and the Securities Commission of The Bahamas (SCB). This is not just to avoid a Binance-Esque scenario with derivatives trading however likewise for its other monetary instruments, consisting of Forex, Indices, Commodities, and Shares markets.
With all its many attractive features in place, Eightcap is poised to dominate the trading sector moving forward.
“The Eightcap offering focuses solely on creating regulated leveraged derivative trading opportunities for Cryptocurrency traders that offers more security than traditional offshore exchange platforms. We are thrilled to provide a solution that meets the needs of crypto derivative traders so that they can gain the best possible trading experience,” said Marcus Fetherston, Director of Operations at Eightcap
Moving Forward
When news around Binances’ issues broke out, numerous were worried that the derivatives market was on the escape. Eightcap, however, is showing that the sector has only scratched the surface of what it can do. Moving forward, customers at Eightcap can anticipate to have access to crypto derivatives with unrivaled spreads, even as cryptocurrency undergoes regulative constraints.
